How to Complete the Form 941 Properly To Ensure Compliance with IRS & SSA Requirements in 2015

Though complicated, the Form 941 provides a link between your payroll and the IRS tax records. Payroll department need to carefully navigate through these compliance areas and properly administer this form if they want to avoid IRS notices, penalties and the interest accompanying them. Also, the Schedule B is a critical form for many employers, and the IRS demands that the Form 941 and the Schedule B match to the penny without fail; although it has become increasingly difficult to comply with all the changes to the form in the recent years.

Additionally, Form 941 must also be reconciled to the Forms W-2 submitted to the Social Security Administration or penalties, fines and interest again can be assessed. One of the biggest difficulties in completing the form is the benefits an employer offers, for instance, group term life insurance. If an employer has employees who are no longer on the payroll but are still covered under the group term life insurance plan accounting for the employee share of the FICA taxes has its own requirements. For employers with tipped employees the form becomes even more complicated. These employers must know how to adjust for uncollected FICA taxes. Knowing how to report the wages and taxes withheld or paid is significant to completing the form correctly.

Join expert speaker Vicki M. Lambert, CPP in this 90-minute audio conference to get an in-depth insight on the IRS Form 941 and its accompanying form Schedule B for 2015. Vicki will help you understand how to complete the Form 941 properly, line by line, to ensure compliance with IRS requirements. She will also show you how to ensure that the accompanying Form Schedule B is also completed correctly and balances with the Form 941.

Plus, you will also be able to identify the requirements to correct a previously submitted Form 941 or Form Schedule B. This is also a great opportunity for you to gain knowledge in the necessary reconciliations that must be performed to ensure compliance with both IRS and the Social Security Administration's regulations.

Areas covered in the session:

Review of what's new for 2015

Step-by-step review of the Form 941

Tips for completing the Schedule B-liability dates vs. deposit dates

Learn to balance Form 941 and Schedule B-as required by the IRS

Don't forget these important due dates of the form 941

Know who should sign the Form 941

Recommendations on reporting third party sick pay and group term life insurance correctly

Learn how to reconcile the Forms 941 with the Forms W-2

Find out what to do if you identify an error in deposits for the quarter when completing the Form 941

Learn how to use 941X form to correct the Form 941

Who should attend

Payroll and human resources professionals

About Our Speaker(s)

Vicki M. Lambert CPPVicki M. Lambert, CPP is President and Academic Director of The Payroll Advisor™ a firm specializing in the training of payroll professionals. With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert is a sought-after and respecte... More info